When it is applicable
pls reply
3 Replies
CA CS Bhumika Thakkar
(CA,CS)
(1618 Points)
Replied 09 July 2009
wen ur assets lik farm house,motor cars,blddg,property,jewellery,etc n cash over Rs.50000.. less d debts owed are of value more dan 15 lakhs..as on d last day of F.Y i.e on 31st march,wealth tax is applicable @ 1% over n above 15 lakhs...bt 1 house is exempt frm tax..
n nw d new limit for wealth tax as per dis Budget is 30 lakhs..
uday
(cme)
(36 Points)
Replied 12 July 2009
what is the value to be taken? market value/purchase value
CA Vinay Saraf
(CA)
(148 Points)
Replied 12 July 2009
it is applicable to individual and company and rest regarding the conditions i agree with bhumika
there are some instances when AOP r also required to assessed to WT like when PSR is not known
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